You have to use "window" method for texture projection.

[<img src="http://blend-exchange.giantcowfilms.com/embedImage.png?bid=330" />](http://blend-exchange.giantcowfilms.com/b/330/)

Here is blender file with material both for Cycles and internal render, just press <kbd>Shift</kbd>+<kbd>Z</kbd> and select any of theese renders - result is almost same.

For Cycles it is Geometry Info node, for internal it is Coordinates parameter in texture block properties.